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This information relates to Sarasota Real Estate Agency. Oct. 1 Stockholders invest $31,580 in exchange for common stock of the corporation. 2 Hires an administrative
This information relates to Sarasota Real Estate Agency. Oct. 1 Stockholders invest $31,580 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $33,360. 3 Buys office furniture for $3,650, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,680 (not paid by Roads at this time). 10 Receives cash of $135 as commission for acting as rental agent renting an apartment. 27 Pays $610 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $2,780 in salary for October. Prepare the debit-credit analysis for each transaction. (If there is no transaction, then enter No Effect for the account and for the amount.) Oct. 1 Debits Debit Cash 31,580 Credits Credit Common Stock 31,580 Oct. 2 Debits No Effect Debit No Effect Credits No Effect Credit No Effect Oct. 3 Debits Debit Credits Credit Accounts Payable 4$ 3,650 Oct. 6 Debits Debit Accounts Receivable $ 11,680 Credits Credit 11,680 Oct. 10 Debits Debit Cash 135 Credits Credit 135 Oct. 27 Debits Debit Accounts Payable 610 Credits Credit Cash 610 610 Oct. 30 Debits Debit Salaries and Wages Expense 2,780 Credits Credit Cash 4$ 2,780
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